GAIL share price surged over 9 per cent intra-day on Thursday's volatile session to hit a new 52-week high of Rs 147.75 after the board of directors of the company approved a share buyback plan.
The company is going to open a buyback programme between February 25 and March 10, for up to 6,97,56,641 fully paid-up equity shares of face value Rs 10 each, representing 1.55 per cent of the number of equity shares in the issued, subscribed and paid-up equity share capital of the company.
Following the update, GAIL share price opened with a gain of 3.68 per cent on Thursday at Rs 139.30 and later touched an intra-day as well as fresh high of Rs 147.75, rising 9.97 per cent over the previous close of Rs 134.35 on BSE.
GAIL stock has risen 9.55 per cent in the last 2 days. GAIL (India) is trading higher than 5, 20, 50, 100 and 200-day moving averages. M-cap of the stock stood at Rs 65,893.17 crore today.
GAIL share price has gained over 6 per cent in one week and 5 per cent in one month. The stock has gained 17 per cent year-to-date and 21 per cent in one year.
The company will buy back shares from all the existing shareholders and beneficial owners of equity shares of the company as on the record date - January 28, 2021 - on a proportionate basis through the "tender offer" process at a price of Rs 150 per equity share for an aggregate consideration not exceeding Rs 1,046.35 crore.